Ytwoo.com, an e-commerce start-up received capital investment worth 3 million yuan ($469,000) from the Wuxi New District's seedling fund for start-ups.
The transaction took place through a proxy company –Linghang venture capital on August 10, 2015. It marked the first investment made by the dedicated, non-profit fund that works to support technology-oriented emerging industries.
Ytwoo.com is an online grocery that serves the local community. Wuxi citizens can buy daily supplies and pay utility bills through the website.
In a five-year period starting from 2015, the new district government will input a total of 200 million yuan to the fund, which means 40 million each year.
A cap is set at 3 million yuan for investment in each entity, said authorities.
After the first success, the fund's managing board is now looking for new business opportunities. High-tech start-ups in need of financing could contact the Linghang venture capital for detailed information.
